How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.
1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income? 2. Is it necessary to declare if only a loss was made? 3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit. 4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...
I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?
What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.
I have been living abroad for a while, since February 2018 to be exact. I filed my tax return for the 2017/2018 financial year, as it reflected my income for the previous year, during which I was employed in South Africa. I would like to maintain an unbroken record with SARS, but I'm not sure how to file for income earned abroad. My current income is well below the R1 million limit impostor in South Africans working abroad. I will be tax returning to SA in March 2019. So, I would like to know wh...
I was living in Dubai from March 2014 up until December 2016, I however did not earn any income while living there. I then moved to Namibia, where I am currently employed and getting an income, I am a registered taxpayer in Namibia. Also, I am a registered taxpayer in South Africa because I worked there before moving to Dubai. I've received no income from South Africa since moving out of the country. I'd like to find out if I still need to submit a tax return to SARS?
Is it correct that for private individuals Capital Gains Tax (CGT) is levied on net gain and of that, 40% is taken into account and that amount is added to individual's taxable income for that specific tax year. How does it work for companies or Trusts, is 100% of net CGT taken into account or what?
I have a tax free call account with Standard Bank. I would like to know whether it is possible for me to request that Standard Bank transfers the money that is in the call account to a suspense account at ABSA Bank, from where it will be immediately transferred into a tax free fixed deposit account at ABSA Bank? Will my investment then still be tax free at ABSA Bank? Would I have to cancel the call account at Standard Bank, to ensure that the fixed deposit account at ABSA Bank is tax free?
I previously received an opportunity to invest in shares through my company. I invested a portion of my income every month and every six months shares were purchased on my behalf at a 14% discount. The shares are US based and tax was deducted locally off my payslip. I would now like to sell off my shares, but I don't fully understand how I'd be liable for tax. We were able to sell them as soon as we had them. They were part of an ESPP (Employee Stock Purchase Plan) and were purchased by deduction from salary and taxed (nothing given out-right). On the platform, they do seem to be classified as short/long term but I think this is geared up for US rules of capital gains....
I got a new job and the new company is paying me one month's salary as relocation allowance. I understand that this is taxed, but can I have any tax deductions if I can prove actual relocation expenses?
I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...
I had MTN Zakhele shares which reach maturity and were paid out in December 2016. Do I include the amount that was paid into my bank account or the difference between what I paid for the shares vs what I sold them for?
This query relates to question 6431 "Please enter the total amount received from the sale here. This is known as the proceeds." in the Capital Gains section.
I have two IT3b documents from different sources. Should I add them together?
This query relates to question 6480 "Please enter the total interest amount earned here. If you don't have an IT3(b) you can also add up the interest amounts appearing on your bank statement. This should appear next to source code 4201 on your certificate. " in the Interest & Investments (IT3b) section.
I am busy correcting my tax returns but have a query on financial instruments listed. Does my retirement annuity(s) value also need to be submitted as part of this value at the value it was on the 28th of February? The same questions goes for my TFSA which consists of stocks?
I just wanted to find out if you deal with business tax? I've recently started a company and would just like to know what SARS will want to see in respect to my accounting when I file a tax return? Essentially, what is the bare minimum if they audit?
I've been working outside of the country more than 6 months in a 12 month period with more than 182/60 day rule passed so that money should be tax free. If I earn in between those periods in South Africa, does that affect my tax free income that I am earning outside South Africa?
Do you assist with tax returns where share trading is involved? I trade in CFDs and equity via my broker for the past 5 years, however, I've not been making any profit, so I've not been declaring any loss as well. I don't have any other sources of income except a little interest.
Will monthly maintenance claims by ex-spouse as per a successfully lodged divorce order against my pension fund be taxable in the hands of my ex-spouse, or deemed as income for myself? Will it be treated as exempt from normal tax?
My wife does some occasional freelance work for a company overseas. As well as here in South Africa. Her local freelance brings in about R3500 per month. She doesn't currently pay provisional tax as the amounts are too small. She's recently taken on some international freelance work that amounts to about R10500 every second month or so. What are the tax implications of the international income? Does she need to declare it and can she declare it as a donation? Older posts →1234567891011121314151617181920